If you’re not sure how much to put in your offset account or how to use one effectively, here are a few ways to help you get the most out of an offset account.
Calculate your potential interest savings
Our loan repayments calculator lets you customise a loan using several variables – loan amount, term, interest rate, and more.
You can also enter how much (on average) you’ll have in your offset account. This will show you the savings you can make—and how much sooner you could pay off your loan.
Keep as much money in your offset as possible
Since every dollar (every day) saves you interest, it makes sense to keep as much of your extra savings in your offset account as you can, for as long as possible.
Here are two simple ways you can make offset work better for you:
- Have your salary paid into your offset
Whether it’s your salary or any other deposits, having it paid into your offset account will immediately reduce the interest you pay on your home loan. Even if it’s only there for a day or two, it makes a difference. Download our Salary transfer form (PDF, 211KB) to move over your pay easily.
- Take advantage of interest-free days on your NAB credit card
By using your NAB credit card for everyday purchases and then paying the full closing balance, or if you have a balance transfer the 'interest free days payment', by the due date each month, you keep your money in your offset account longer – offsetting interest on your home loan.
Tip: Set-up a direct debit from your offset account to ensure you always pay the full balance of your NAB credit card on time.